614 Wes Credit Union Inc
- Assets
- $15.4m
- Revenue
- $342.1k
- Investments
- $0.0
- Employees
- 3
- Location
- Willoughby, OH
- Founding
- 04/1969
- Data as of
- 12/2021
- EIN
- 34-0796042
Organization Overview
614 Wes Credit Union Inc is located in Willoughby, OH. The organization was established in 1969. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, 614 Wes Credit Union Inc employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 614 Wes Credit Union Inc is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, 614 Wes Credit Union Inc generated $342.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $344.6k during the year ending 12/2021. While expenses have increased by 1.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WES CREDIT UNION, INC. IS A FINANCIAL INSTITUTION COOPERATIVE ORGANIZED TO PROVIDE LOAN AND DEPOSIT PRODUCTS AND SERVICES FOR ITS MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A STATE CHARTERED MEMBER OWNED COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL SERVICES AND PRODUCTS TO THE MEMBER OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Simone Chief Executive Officer | Officer | 40 | $60,343 |
Kathleen Rini Vice President | Trustee | 1 | $0 |
Michelle Augusta President | Trustee | 1 | $0 |
Carol Staska Treasurer | Trustee | 1 | $0 |
Rita Martin Secretary | Trustee | 1 | $0 |
Janice Conley Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $202,844 |
| Investment income | $139,219 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $342,063 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $60,343 |
| Compensation of current officers, directors, key employees. | $30,171 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,910 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,638 |
| Payroll taxes | $10,890 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,755 |
| Advertising and promotion | $211 |
| Office expenses | $13,688 |
| Information technology | $39,572 |
| Royalties | $0 |
| Occupancy | $12,184 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,775 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,304 |
| Insurance | $12,349 |
| All other expenses | $802 |
| Total functional expenses | $344,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $105,184 |
| Savings and temporary cash investments | $704,889 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,107 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,834,775 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,904 |
| Net Land, buildings, and equipment | $78,805 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,512,089 |
| Intangible assets | $0 |
| Other assets | $155,939 |
| Total assets | $15,447,692 |
| Accounts payable and accrued expenses | $13,227 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $14,204,143 |
| Total liabilities | $14,217,370 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,230,322 |
| Total liabilities and net assets/fund balances | $15,447,692 |
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